When you are heavily in debt and payday loan is your only means to wipe out your credit, it is a big problem indeed. However, it is not yet the end of the world. You don’t need to file bankruptcy to protect yourself. There are still ways to pay all your debts even if your source of financial assistance offers little amount. Here are 5 ways you can do it:
- Prioritize your financial obligations. Sort out your debts into the following categories:
- Very important and very urgent. These are overdue monthly bills that you need to pay; otherwise, you will be cut off from important services and utilities.
- Very important but not urgent. Examples of this are school fees which are payable a few months from now.
- Very urgent but not important. New clothes which are discoloured or no longer in fashion but not important since you can recycle old clothes and combine them to save money.
- Not important and not urgent. Many of actual expenses fall into this category like eating out or buying new CDs, books and magazines.
- Prepare a budget where very important letter a in the above list should be given top priority, and the rest of the money shall be divided between letter b and letter c, depending on the level of importance and urgency. Defer letter d as you won’t die if this can be attended until you are credit free.
- For letter a, use your monthly income to pay for these items and get a loan if this is not enough. For items in letter b and c, you can solicit help from your friends, family, and employer for interest free loans to prepare your schedule of payment.
- Find out in items b and c if there are possibilities that you can seek payment extensions at an agreed future time or defer payment until you have extra cash. School fees for example can be managed by offering promissory notes first if the school agrees or you can issue post dated checks as payment guarantees for deferred payments.
- Search for items at home that you can sell in order to gather more cash to pay for your other debts. If you have a CD collection, you can sell them at 99 cents and recover $200 from it if you can dispose more than 200 CDs. You can also dispose old toys and baby equipments if you do not need them since your kids are all grown up now. Not only are these items idle, these are also susceptible to pests and diseases as they become favorite habitat of germs and bacteria. It becomes another added expense when family members become sick due to mosquito bites or skin allergies.
Indeed, you can wipe out your debts if you are really serious with the intention. It doesn’t need a lot of will power to do so. It only needs financial discipline on your part to be debt free always.
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